Insolvenzanfechtung (avoidance of pre-insolvency transactions, §§ 129+ InsO)

Insolvenzanfechtung (§§ 129 et seq. InsO) lets the administrator avoid acts of the debtor from before the case opened if they disadvantaged creditors — with avoidance windows from 3 months (congruent cover, § 130 InsO) up to 10 years (intentional disadvantage to creditors, § 133 InsO). Successfully avoided transfers must be returned to the estate.

In practice this most often hits payments to creditors shortly before filing, but also security grants, set-offs and, where the counterparty had close knowledge of the crisis, purchase agreements on off-market terms. The burden of proving creditor disadvantage and the relevant subjective requirements lies with the administrator.

For insolvency buyers this means: an asset deal done directly with the sitting administrator is itself not avoidable — the administrator is acting precisely in the estate's interest. Avoidance risk instead arises from transactions with the target BEFORE the case opened (e.g. a pre-emptive asset purchase directly from the debtor while already in crisis) — clean documentation of price and payment flow is worthwhile there to withstand a later challenge by an administrator.